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Possible Bullish Inside Day Candle Pattern Detected for Stein Mart (NASDAQ:SMRT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Stein Mart (NASDAQ:SMRT) based on the price action in the company's shares. Today's price range of $1.17 and $1.24 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Stein Mart may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Stein Mart, Inc. operates a retail chain of stores located primarily in neighborhood shopping centers in metropolitan areas. The Company's stores offer moderate to designer brand-name apparel for women, men, and children, as well as accessories, gifts, linens, shoes, and fragrances.

Potential upside of 234.7% exists for Stein Mart, based on a current level of $1.20 and analysts' average consensus price target of $4.00. The stock should run into initial resistance at its 50-day moving average (MA) of $7.27 and subsequent resistance at its 200-day MA of $8.17.

In the past 52 weeks, Stein Mart share prices have been bracketed by a low of $1.00 and a high of $12.19 and are now at $1.20, 20% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Stein Mart on November 17th, 2016 by issuing a Downtrend alert when the shares were trading at $5.43. Since that call, shares of Stein Mart have fallen 79.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle stein mart

Ticker(s): SMRT